India way ahead of China in economic transformation

NEW DELHI: India has been ranked 25th in terms of economic transformation, way ahead of world's fastest growing economy China, which has been placed at the 85th position by a German foundation.

India ranks just behind Singapore (23), Brazil (20) and South Africa (18) in the transformation index prepared by German Bertelsmann Foundation and published in Berlin on Monday.

The transformation index is a study of market economics and democracy in 125 transformation states.

In terms of management performance, India has attained the 19th position for its political decision making, equivalent to an improvement of 13 rankings on the previous comparative investigation conducted two years ago and 24 rankings higher than five years ago, the report said.

"The plans of the Indian government to shape the country to become a developed economy and a key player in international politics are now bearing fruit," Josef Janning of the Bertelsmann Foundation said.

India should also exploit this favourable situation to increase efforts to tackle its greatest problem: the continuously pronounced inequalities in the society, particularly in terms of education, health, social security and earnings, Janning added.

The creation of a greater equilibrium between the regions and enabling as many people as possible to share in economic success should be central objectives of future policy, he said.

The report recommended that India should continue to pursue economic reforms rigorously to sustain the growth rate of eight per cent.

The Transformation Index 2008 in terms of economic transformation has been topped by Czech Republic, followed by Slovenia. In terms of the management index, Chile lead the pack, followed by Estonia. However, Myanmar (124) and Somalia (125) are the tail-enders in the index.

India appears for the first time in the group of stable democracies.

"The country has one of the most dynamic national economies in the world is beyond doubt, but deficiencies in the area of reform have threatened to block this development," the report stated.

The country is well placed in terms of the management index ranking ahead of Singapore (32rd) and China (67th).

"The appraisal primarily lauds India's efforts to achieve peaceful integration of ethnic minorities and its international cooperation with its regional partners, particularly Pakistan. However, continuing weaknesses include a cumbersome justice system and inadequate protection of civil rights in conflict regions," the report said.

The evaluation of India in the appraisal is embedded in the analysis of overall development in Asia. This has seen economies in the northern Asian landscape achieving the fastest international growth rates in recent decades.

India, has rapidly developed in about a decade to become a global economic power, the report said, adding that excellent economic performance has also been witnessed in China and Singapore.

A negative aspect is also the fact that the population in only nine of the 21 countries investigated is able to freely elect their rulers.

 

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